On July 16, the activation threshold of BIP 91 was met and five days later, BIP was fully locked in by miners. Bitcoin Improvement Proposal BIP 91 is a solution that was endorsed by the mining community to avoid a chain split and the creation of a secondary Bitcoin.

Prior to the lock-in of BIP 91, Bitcoin price recovered from $1,850 to $2,300, as the 80 percent hash rate activation threshold was met. When BIP 91 was fully locked in on July 21, Bitcoin price surged from $2,300 to $2,750, recording a staggering $910 increase within a five-day period.

So will Bitcoin price hit $5,000?

Previously, Keiser revealed his $5,000 price target for Bitcoin as the upward momentum of Bitcoin had been sustained for a long period of time. But, as the scaling debate prolonged, some investors and traders began to lose confidence in the ability of Bitcoin to scale.

As support for BIP 91 increased and SegWit activation became more likely, Keiser explained that his $5,000 price target has also become more likely.

“More $5,000 price target for Bitcoin still in play in the short term as Satoshi's genius infects millions more,” said Keiser.

The Bitcoin community and industry are highly anticipating the activation of SegWit, as it is expected to optimize Bitcoin blocks by 75 percent and decrease Bitcoin transactions fees at a substantial rate.